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August 11, 2001
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Money > Business Headlines > Report August 11, 2001 |
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Pallav Sheth to undergo 1 month imprisonmentBS Law Correspondent The Supreme Court on Friday dismissed broker Pallav Sheth's appeal and ordered him to surrender before the authorities within a week for committing contempt of the special court dealing with the securities scam of 1992. He has to undergo imprisonment for a month. The special court had prohibited him from transferring assets, alienating them or dealing with his bank accounts following the scam. He was accused of floating companies and partnerships in the names of close relatives and using his funds. This is a violation of the undertaking given to the court. Therefore, it convicted him for contempt of court. The Supreme Court bench headed by Justice BN Kirpal, which upheld the conviction, observed that the special court had been "unduly lenient" towards him. Powered by YOU MAY ALSO WANT TO READ:
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